TechValidate Research on FINEOS

These pages present data that TechValidate has sourced via direct research with verified customers and users of FINEOS. TechValidate stands behind the authenticity of all published data. Learn more »



104 Customers Surveyed

468 Data Points Collected

54 Published TechFacts

15 Published Charts

1 Published Case Study



Selected Research Highlights


FINEOS Case Study

Global 500 Banking Company Insurance Division

Introduction

This case study of a Global 500 banking insurance division is based on a June 2021 survey of FINEOS customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Enabled work from home for claims team members well prior to pandemic, improved productivity during pandemic, will support our Future of Work strategy. "

Challenges

The business challenges that led the profiled company to evaluate and ultimately select FINEOS:

  • Challenges their organization faced before implementing FINEOS:
    • Multiple systems/IT silos
    • Heavy reliance on IT to make changes
    • Outdated legacy system(s) and processes
    • Inability to meet customer expectations for digital experience
    • Difficulties bringing new products to market
  • The primary reasons organization chose FINEOS:
    • Purpose-built system for Life, Accident & Health insurance
    • Rich product functionality
    • The maturity of their products
    • Market leadership

Use Case

The key features and functionalities of FINEOS that the surveyed company uses:

  • How FINEOS delivers operational efficiencies to their organization:
    • Straight-through processing and automatic resolution of tasks reduce manual processes
    • Skilled staff spend less time on routine tasks, freeing them to concentrate on critical activity
    • Increased process accuracy and reduced process redundancy means faster service
    • Tasks can shift from IT to Business utilizing pre-configured standard forms, workflows, dashboards and reports

Results

The surveyed company achieved the following results with FINEOS:

  • Rates their level of agreement with the following statement:
    • FINEOS supports its digital transformation: strongly agree
    • FINEOS delivers exceptional operational efficiencies: strongly agree
    • FINEOS improves their speed to market: agree
  • How FINEOS is supporting their Digital Transformation:
    • Supports clients, customers, and business partners across multiple channels
    • Delivering real-time business processing
    • Delivering a single source of data for faster and better decision-making
    • Enabling us to use data analytics
  • How FINEOS is improving their organization’s Speed to Market:
    • Offering new business models and processes to increase implementation timeline
    • Providing comprehensive, integrated APIs can be customized to offer new products and services
  • When asked if FINEOS is delivering measurable ROI to their organization, they said Yes.
  • They reported that FINEOS is very critical to their organization.

FINEOS Customer Testimonial

One highlight of FINEOS Claims is the process/workflow which manages the claim through the Claims team from receiving the claim through to approval/payment or decline. The process is very simple, clear and works every time and it’s easy to tell where a claim is in the process. The data is fantastic, either for analysing historical performance or creating a dashboard of current claims in the system.

Product Manager, Federal Government

FINEOS Customer Research

The FINEOS IDAM solution is a key component of our employee benefit product strategy.

Strongly Agree
43%
Agree
57%

FINEOS Customer Statistic

FINEOS Delivers SaaS Benefits

80% of surveyed organizations that identified “end-to-end SaaS platform” as a reason for selecting the FINEOS Platform agree that their digital transformation is supported through the benefits of the SaaS-based FINEOS Platform

FINEOS Customer Research

How does the FINEOS Platform enable Operational Efficiencies for your organization?

Increased process accuracy and reduced process redundancy means faster service
41%
Skilled staff spend less time on routine tasks, freeing them to concentrate on critical activity
41%
Straight-through processing and automatic resolution of tasks reduce manual processes
41%
Tasks can shift from IT to Business utilizing pre-configured standard forms, workflows, dashboards and reports
41%


More to Explore



About FINEOS

FINEOS is a global software company providing modern customer-centric core software to the Employee Benefits and Life, Accident and Health industry. We help our customers move on from outdated legacy administration systems to our modern purpose-built, customer-centric core product-suite, FINEOS AdminSuite for New Business, Billing, Claims, Absence and Policy Administration, enabling improved operational efficiency, increased effectiveness, and excellent customer care.

FINEOS Website   FINEOS Website